Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024
Name of foundation
THE FREEMAN FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)CO RCM PO BOX 5016
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY101855016
A Employer identification number

13-2965090
B Telephone number (see instructions)

(212) 549-5544
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$491,232,694J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 12,849,933 12,849,933  
5a Gross rents............      
b Net rental income or (loss) -60,346
6a Net gain or (loss) from sale of assets not on line 10 25,509,538
b Gross sales price for all assets on line 6a 113,547,820
7 Capital gain net income (from Part IV, line 2)... 25,509,538
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
303,823 289,052  
12 Total. Add lines 1 through 11........ 38,663,294 38,648,523  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,618,974 311,280   1,307,694
14 Other employee salaries and wages...... 71,037 0   71,037
15 Pension plans, employee benefits....... 157,424 0   157,424
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
21,709 0   21,709
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
1,520,072 1,160,889   359,183
17 Interest............... 71,093 71,093   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
1,129,123 755,426   68,660
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 33,089 0   33,089
21 Travel, conferences, and meetings....... 124,912 0   124,912
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,134,890 1,021,168   113,722
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 5,882,323 3,319,856   2,257,430
25 Contributions, gifts, grants paid....... 20,420,140 20,420,140
26 Total expenses and disbursements. Add lines 24 and 25 26,302,463 3,319,856   22,677,570
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 12,360,831
b Net investment income (if negative, enter -0-) 35,328,667
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 195,455 309,171 309,171
2 Savings and temporary cash investments......... 15,256,737 12,316,511 12,316,511
3 Accounts receivable right arrow63,854
Less: allowance for doubtful accounts right arrow   545,429 63,854 63,854
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow  
Less: allowance for doubtful accounts right arrow        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 37,188,750 Click to see attachment
List of Attached Documents:
// Content
36,194,060 		33,279,273
b Investments—corporate stock (attach schedule)....... 238,078,557 Click to see attachment
List of Attached Documents:
// Content
168,057,272 		260,117,219
c Investments—corporate bonds (attach schedule)....... 34,897,569 Click to see attachment
List of Attached Documents:
// Content
120,992,352 		141,826,277
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
32,626,964 		Click to see attachment
List of Attached Documents:
// Content
33,596,481 		Click to see attachment
List of Attached Documents:
// Content
43,320,389
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 358,789,461 371,529,701 491,232,694
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
7,117
23 Total liabilities (add lines 17 through 22)......... 0 7,117
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 358,789,461 371,522,584
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 0 0
29 Total net assets or fund balances (see instructions)..... 358,789,461 371,522,584
30 Total liabilities and net assets/fund balances (see instructions). 358,789,461 371,529,701
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
358,789,461
2
Enter amount from Part I, line 27a .....................
2
12,360,831
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
372,292
4
Add lines 1, 2, and 3 ..........................
4
371,522,584
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
371,522,584
Form 990-PF (2024)
Form 990-PF (2024)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES      
b PERENNIAL IV P    
c PERENNIAL IV P    
d PERENNIAL IV - 1231 P    
e PERENNIAL III P    
PERENNIAL III P    
PERENNIAL III P    
PERENNIAL III - 1231 P    
ROCKEFELLER PRIVATE EQUITY PARTNERS P    
ROCKEFELLER PRIVATE EQUITY PARTNERS P    
2006 SPECIAL GLOBAL OPPORTUNITIES P    
2006 SPECIAL GLOBAL OPPORTUNITIES P    
2006 SPECIAL GLOBAL OPPORTUNITIES - 1256 P    
ROCKEFELLER ACCESS FUND 06 P    
ROCKEFELLER ACCESS FUND 06 P    
ROCKEFELLER ACCESS FUND 06 - 1256 P    
ROCKEFELLER ALTERNATIVE STRATEGIES FUND P    
ROCKEFELLER ACCESS FUND 2015 P    
ROCKEFELLER ACCESS FUND 2015 P    
ROCKEFELLER ACCESS FUND 2015 - 1231 P    
CAPITAL GAINS DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 112,624,483   87,954,792 24,669,691
b     359 -359
c 17,310     17,310
d 17,067     17,067
e 6     6
3,498     3,498
32     32
    6,175 -6,175
100     100
    741 -741
36     36
    46 -46
    385 -385
    99 -99
    65,534 -65,534
    513 -513
391     391
1,491     1,491
435,085     435,085
    9,638 -9,638
448,321     448,321
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       24,669,691
b       -359
c       17,310
d       17,067
e       6
      3,498
      32
      -6,175
      100
      -741
      36
      -46
      -385
      -99
      -65,534
      -513
      391
      1,491
      435,085
      -9,638
      448,321
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 25,509,538
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 491,068
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 491,068
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 491,068
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 262,554
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 500,000
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 762,554
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 13,697
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 257,789
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow257,789 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowNY
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowN/A
14
The books are in care ofright arrowROCKEFELLER CAPITAL MANAGEMENT Telephone no.right arrow (212) 549-5544

Located atright arrowPO BOX 5016NEW YORKNY ZIP+4right arrow101855016
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2024)
Form 990-PF (2024)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2024? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2024.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
Yes
 
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
No
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
Yes
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
List of Attached Documents:
// Content
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
GRAEME FREEMAN TRUSTEE,PRESIDENT
40.00 		425,000 16,762 0
C/O FREEMAN FOUNDATION 1601 EAST
WEST ROAD
HONOLULU,HI96848
DAVID R STACK TRUSTEE
5.00 		306,299 0 0
260 MADISON AVENUE
NEW YORK,NY10016
GEORGE S TSANDIKOS TRUSTEE
5.00 		306,299 0 0
C/O ROCK CO 45 ROCKEFELLER PLZ 5TH
FLOOR
NEW YORK,NY10111
SHEREEN GOTO DIRECTOR
40.00 		188,576 17,547 0
C/O FREEMAN FOUNDATION 1601 EAST
WEST ROAD
HONOLULU,HI96848
JUEFEI WANG DIRECTOR
40.00 		171,055 8,835 0
C/O FREEMAN FOUNDATION 1601 EAST
WEST ROAD
HONOLULU,HI96848
ALEC FREEMAN DIRECTOR
40.00 		117,394 26,259 0
C/O FREEMAN FOUNDATION 1601 EAST
WEST ROAD
HONOLULU,HI96848
ROBIN SATO DIRECTOR
40.00 		104,351 26,259 0
C/O FREEMAN FOUNDATION 1601 EAST
WEST ROAD
HONOLULU,HI96848
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
RFS OPCO LLC INV,ACCOUNTING, TAX 1,372,632
45 ROCKEFELLER PLAZA 5TH FLOOR
NEW YORK,NY10111
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1  
2  
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2024)
Form 990-PF (2024)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
434,664,176
b
Average of monthly cash balances.......................
1b
13,253,508
c
Fair market value of all other assets (see instructions)................
1c
43,320,389
d
Total (add lines 1a, b, and c).........................
1d
491,238,073
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
491,238,073
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
7,368,571
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
483,869,502
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
24,193,475
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
24,193,475
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
491,068
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
491,068
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
23,702,407
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
23,702,407
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
23,702,407
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
22,677,570
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
22,677,570
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 23,702,407
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 19,125,443
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 22,677,570
a Applied to 2023, but not more than line 2a 19,125,443
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		0
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2024 distributable amount..... 3,552,127
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 0 0
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		0
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		20,150,280
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		0
8 Excess distributions carryover from 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
Form 990-PF (2024)
Form 990-PF (2024)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
THE FREEMAN FOUNDATION
1601 EAST WEST ROAD
HONOLULU,HI96848
(808) 944-7663
bThe form in which applications should be submitted and information and materials they should include:
COVER LETTER WITH PERTINENT INFORMATION REQUESTED IN ANNUAL REPORT
cAny submission deadlines:
NONE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
NONE
Form 990-PF (2024)
Form 990-PF (2024)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

ALASKA COMMUNITY FOUNDATION

3201 C STREET STE 110
ANCHORAGE,AK99503 		  PC GENERAL SUPPORT 50,000

ARKANSAS COMMUNITY FOUNDATION

5 ALLIED DRIVE SUITE 51110
LITTLE ROCK,AR72202 		  PC GENERAL SUPPORT 52,500

ARTS ASIA

100 W 14TH AVE PKWY
DENVER,CO802042788 		  PC GENERAL SUPPORT 20,000

ASIA INSTITUTE

1244 SOUTH THIRD STREET
LOUISVILLE,KY40203 		  PC GENERAL SUPPORT 43,200

ASIA SOCIETY TEXAS

1370 SOUTHMORE BOULEVARD
HOUSTON,TX77004 		  PC GENERAL SUPPORT 200,000

BLAKEMORE FOUNDATION - EXPENDITURE RESPONSIBILITY GRANT

14020 SE 13TH PLACE APT 105
BELLEVUE,WA980075555 		  PC GENERAL SUPPORT 300,000

BRILLIANT PATHWAYS

2303 MAIN STREET PO BOX 247
ESSEX,NY129360247 		  PC GENERAL SUPPORT 267,000

BUFFALO NATIONS GRASSLANDS ALLIANCE

PO BOX 71
LOWER BRULE,SD57548 		  PC GENERAL SUPPORT 250,000

BUTLER UNIVERSITY

4600 SUNSET AVENUE
INDIANAPOLIS,IN462083485 		  PC GENERAL SUPPORT 130,000

CENTER FOR AN AGRICULTURAL ECONOMY

PO BOX 422
HARDWICK,VT05843 		  PC GENERAL SUPPORT 337,400

CHAMPLAIN COLLEGE

PO BOX 670
BURLINGTON,VT05402 		  PC GENERAL SUPPORT 165,000

CHILDRENS DISCOVERY

111 OHE STREET
HONOLULU,HI96837 		  PC GENERAL SUPPORT 75,000

CHILDREN'S MUSEUM HOUSTON

1500 BINZ
HOUSTON,TX77004 		  PC GENERAL SUPPORT 156,403

COLUMBIA UNIVERSITY WEATHERHEAD EAST ASIAN INSTITUTE

420 WEST 118TH STREET
NEW YORK,NY10027 		  PC GENERAL SUPPORT 569,541

DAVIDSON COLLEGE

102 NORTH MAIN STREET
DAVIDSON,NC28036 		  PC GENERAL SUPPORT 100,000

DELAWARE COMMUNITY FOUNDATION

100 W 10TH STREET 115
WILMINGTON,DE19801 		  PC GENERAL SUPPORT 50,000

EAST WEST CENTER FOUNDATION

1601 EAST-WEST ROAD
HONOLULU,HI968481601 		  PC GENERAL SUPPORT 300,000

FIRST NATIONS DEVELOPMENT INSTITUTE

2432 MAIN ST STE 200
LONGMONT,CO80501 		  PC GENERAL SUPPORT 650,000

FIRST NATIONS DEVELOPMENT INSTITUTE

2432 MAIN ST STE 200
LONGMONT,CO80501 		  PC GENERAL SUPPORT 1,650,000

FIVE COLLEGES INC

36 KING STREET
NORTHAMPTON,MA01060 		  PC GENERAL SUPPORT 87,838

FIVE COLLEGES INC

36 KING STREET
NORTHAMPTON,MA01060 		  PC GENERAL SUPPORT 372,413

FURMAN UNIVERSITY

3300 POINTSETT HIGHWAY
GREENSVILLE,SC296136483 		  PC GENERAL SUPPORT 78,000

GEORGIA STATE UNIVERSITY

58 EDGEWOOD AVE NE FL 3
ATLANTA,GA30303 		  PC GENERAL SUPPORT 17,996

HARTWICK COLLEGE

1 HARTWICK DR
ONEONTA,NY13820 		  PC GENERAL SUPPORT 60,000

HAWAII GOOD FOOD ALLIANCE

PO BOX 89455
HONOLULU,HI96830 		  PC GENERAL SUPPORT 1,032,350

HMONG CULTURAL CENTER INC

375 UNIVERSITY AVENUE WEST SUITE
204
SAINT PAUL,MN55103 		  PC GENERAL SUPPORT 50,000

HONOLULU ACADEMY OF ARTS

900 S BERETANIA STREET
HONOLULU,HI968141495 		  PC GENERAL SUPPORT 50,000

INDIANA UNIVERSITY

PO BOX 78000
DETROIT,MI482780867 		  PC GENERAL SUPPORT 180,000

INSTITUTE OF INTERNATIONAL EDUCATION

809 UNITED NATIONS PLAZA 9TH FLOOR
NEW YORK,NY10017 		  PC GENERAL SUPPORT 1,330,000

INTERNATIONAL STUDENT CONFERENCE

1150 18TH STREET NW SUITE LL2
WASHINGTON,DC20036 		  PC GENERAL SUPPORT 50,000

IOLANI SCHOOL

563 KAMOKU STREET
HONOLULU,HI96826 		  PC GENERAL SUPPORT 125,000

JAPAN-AMERICAN SOCIETY OF HAWAII

PO BOX 1412
HONOLULU,HI968061412 		  PC GENERAL SUPPORT 100,000

JAPAN-AMERICA SOCIETY OF OREGON

312 NW SECOND AVENUE
PORTLAND,OR97209 		  PC GENERAL SUPPORT 20,000

JAPAN BRIDGING FOUNDATION INC

1201-15TH TREET NW
WASHINGTON,DC20005 		  PC GENERAL SUPPORT 91,250

JAPANESE CULTURAL CENTER

2454 SOUTH BERETANIA STREET
HONOLULU,HI96826 		  PC GENERAL SUPPORT 25,000

KENT STATE UNIVERSITY

PO BOX 5190
KENT,OH44242 		  PC GENERAL SUPPORT 75,000

KUPU - HAWAII YOUTH CONSERV CORPS SUMMER PROGRAM

677 ALA MOANA BLVD SUITE 1200
HONOLULU,HI96813 		  PC GENERAL SUPPORT 250,000

MAG AMERICA INC

1776 K STREET NW SUITE 700
WASHINGTON,DC20006 		  PC GENERAL SUPPORT 1,200,000

NATIONAL ASSOCIATION OF JAPAN-AMERICA SOCIETIES INCORPORATED

733 FIFTEENTH STREET NW SUITE 700
WASHINGTON,DC20005 		  PC GENERAL SUPPORT 711,280

NATIONAL CONSORTIUM FOR TEACHING ABOUT ASIA

279 UCB
BOULDER,CO803090279 		  PC GENERAL SUPPORT 455,700

NISEI VETERAN'S MEMORIAL CENTER

PO BOX 216
KAHULUI,HI96733 		  PC GENERAL SUPPORT 40,000

NORTH DAKOTA COMMUNITY FOUNDATION

PO BOX 387
BISMARCK,ND585020387 		  PC GENERAL SUPPORT 55,000

NORTHERN FOREST CENTER

18 N MAIN ST STE 204
CONCORD,NH033014926 		  PC GENERAL SUPPORT 50,000

OHIO STATE UNIVERSITY

UNIVERSITY SQUARE NORTH 14 E 15TH
AVE
COLUMBUS,OH43201 		  PC GENERAL SUPPORT 100,000

OREGON FOUNDATION

1246 UNIVERSITY OF OREGON
EUGENE,OR974031246 		  PC GENERAL SUPPORT 200,000

PACIFIC AND ASIAN AFFAIRS COUNCIL

1601 EAST-WEST ROAD - 4TH FLOOR
HONOLULU,HI968481601 		  PC GENERAL SUPPORT 200,000

PACIFIC GATEWAY CENTER

723 UMI STREET
HONOLULU,HI96819 		  PC GENERAL SUPPORT 200,000

PEARL HARBOR AVIATION MUSEUM

319 LEXINGTON BOULEVARD
HONOLULU,HI96818 		  PC GENERAL SUPPORT 50,000

PRESERVATION TRUST OF VERMONT

104 CHURCH STREET
BURLINGTON,VT05401 		  PC GENERAL SUPPORT 363,000

PRESERVATION TRUST OF VERMONT

104 CHURCH STREET
BURLINGTON,VT05401 		  PC GENERAL SUPPORT 275,000

THE TRUSTEES OF PRINCETON UNIVERSITY

5 NEW SOUTH BUILDING
PRINCETON,NJ08544 		  PC GENERAL SUPPORT 100,000

PUNAHOU SCHOOL

1601 PUNAHOU STREET
HONOLULU,HI96822 		  PC GENERAL SUPPORT 25,000

RHOADES COLLEGE

2000 NORTH PARKWAY
MEMPHIS,TN381121690 		  PC GENERAL SUPPORT 1,000,000

SAVE THE CHILDREN FEDERATION

1101 14TH STREET NW
WASHINGTON,DC20005 		  PC GENERAL SUPPORT 40,000

SEATTLE CHILDREN'S MUSEUM

305 HARRISON STREET SUITE 127
SEATTLE,WA98109 		  PC GENERAL SUPPORT 250,000

SHELBURNE FARMS

1611 HARBOR ROAD
SHELBURNE,VT05482 		  PC GENERAL SUPPORT 50,000

ST JOHNSBURY ACADEMY

1000 MAIN STREET
ST JOHNSBURY,VT05819 		  PC GENERAL SUPPORT 62,000

ST LAWRENCE UNIVERSITY

23 ROMODA DRIVE
CANTON,NY13617 		  PC GENERAL SUPPORT 100,000

ST MICHAEL'S COLLEGE

ONE WINOOSKI PARK BOX 1
COLCHESTER,VT05439 		  PC GENERAL SUPPORT 40,000

STANFORD UNIVERSITY

459 LAGUNITA DR STE 7
STANFORD,CA94305 		  PC GENERAL SUPPORT 50,000

STANFORD UNIVERSITY

459 LAGUNITA DR STE 7
STANFORD,CA94305 		  PC GENERAL SUPPORT 50,000

STANFORD UNIVERSITY

459 LAGUNITA DR STE 7
STANFORD,CA94305 		  PC GENERAL SUPPORT 42,780

STRAUB FOUNDATION

55 MERCHANT STREET SUITE 2600
HONOLULU,HI96813 		  PC GENERAL SUPPORT 27,600

TEXAS CHRISTIAN UNIVERSITY

TCU BOX 297023
FORTH WORTH,TX76129 		  PC GENERAL SUPPORT 13,681

TEXAS CHRISTIAN UNIVERSITY

TCU BOX 297023
FORTH WORTH,TX76129 		  PC GENERAL SUPPORT 55,000

THE COMMUNITY FOUNDATION OF UTAH

2257 SOUTH 1100 EAST SUITE 205
SALT LAKE CITY,UT84106 		  PC GENERAL SUPPORT 20,000

TUCSON REFUGEE MINISTRY

631 N SECOND AVENUE
TUCSON,AZ85705 		  PC GENERAL SUPPORT 175,000

UNITED BOARD FOR CHRISTIAN HIGHER EDUCATION

475 RIVERSIDE DRIVE SUITE 1221
NEW YORK,NY10115 		  PC GENERAL SUPPORT 65,000

UNITED STATES INDONESIA SOCIETY

1625 MASSACHUSETTS AVENUE NW SUITE
550
WASHINGTON,DC20036 		  PC GENERAL SUPPORT 49,500

UNITED STATES VETERANS INITIATIVE

PO BOX 75329 BLDG 37 SHANGRILA
STREET
KAPOLEI,HI96707 		  PC GENERAL SUPPORT 100,000

UNIVERSITY OF CENTRAL ARKANSAS

MCCASTLAIN HALL 002 201 DONAGHEY
AVE
CONWAY,AR72035 		  PC GENERAL SUPPORT 52,500

UNIVERSITY OF HAWAII FOUNDATION

4303 DIAMOND HEAD ROAD
HONOLULU,HI96816 		  PC GENERAL SUPPORT 150,000

UNIVERSITY OF HAWAII FOUNDATION

4303 DIAMOND HEAD ROAD
HONOLULU,HI96816 		  PC GENERAL SUPPORT 22,889

UNIVERSITY OF HAWAII FOUNDATION

4303 DIAMOND HEAD ROAD
HONOLULU,HI96816 		  PC GENERAL SUPPORT 100,000

UNIVERSITY OF PITTSBURGH

4400 WESLEY W POSVAR HALL
PITTSBURGH,PA15260 		  PC GENERAL SUPPORT 100,000

UNIVERSITY OF SOUTH CAROLINA

147 GAMBRELL HALL
COLUMBIA,SC29208 		  PC GENERAL SUPPORT 137,000

UNIVERSITY OF SOUTHERN CALIFORNIA

3710 MCCLINTOCK AVENUE RTH 502
LOS ANGELES,CA900894019 		  PC GENERAL SUPPORT 127,000

UNIVERSITY OF SOUTHERN CALIFORNIA

3710 MCCLINTOCK AVENUE RTH 502
LOS ANGELES,CA900894019 		  PC GENERAL SUPPORT 100,000

UNIVEROITY OF TEXAS AT AUSTIN

222 RIO GRANDE SUITE 2201C
AUSTIN,TX78705 		  PC GENERAL SUPPORT 25,000

UNIVERITY OF THE SOUTH SEWANEE

735 UNIVERSITY AVENUE
SEWANEE,TN373831000 		  PC GENERAL SUPPORT 250,000

UNIVERSITY OF GEORGIA FOUNDATION

1324 S LUMPKIN STREET
ATHENS,GA30602 		  PC GENERAL SUPPORT 556,182

UNIVERSITY OF WASHINGTON FOUNDATION

4333 BROOKLYN AVE NE BOX 359504
SEATTLE,WA981959504 		  PC GENERAL SUPPORT 100,000

UNIVERSITY OF KANSAS

1440 JAYHAWK BLVD RM 201
LAWRENCE,KS66044 		  PC GENERAL SUPPORT 391,116

UNIVERSITY OF NORTH CAROLINA

223 EAST FRANKLIN STREET
CHAPEL HILL,NC275995145 		  PC GENERAL SUPPORT 54,296

UNIVERSITY OF PENNSYLVANIA

UNIVERSITY OF PENNSYLVANIA EGYPTIAN
SECTION
PHILADELPHIA,PA191046324 		  PC GENERAL SUPPORT 433,725

VERMONT CHINESE SCHOOL

PO BOX 9209
SOUTH BURLINGTON,VT05403 		  PC GENERAL SUPPORT 11,000

VERMONT LAND TRUST

8 BAILEY AVENUE
MONTPELIER,VT05602 		  PC GENERAL SUPPORT 1,225,000

VERMONT LEARNING COLLABORATIVE

53 GREEN STREET
BRATTLEBORO,VT05301 		  PC GENERAL SUPPORT 25,000

VILLANOVA UNIVERSITY

800 LANCASTER AVE
VILLANOVA,PA190851699 		  PC GENERAL SUPPORT 180,000

VOLUNTEERS IN ASIA

995 MARKET ST STE 2
SAN FRANCISCO,CA94103 		  PC GENERAL SUPPORT 44,000

WETA-BROADCAST BBC NEWS

3939 CAMPBELL AVENUE
ARLINGTON,VA22206 		  PC GENERAL SUPPORT 200,000

WILLIAM AND MARY FOUNDATION

OFFICE OF UNIVERSITY ADVANCEMENT
GIFT ACCOUNTING
WILLIAMSBURG,VA231871693 		  PC GENERAL SUPPORT 105,000

WING LUKE MEMORIAL FOUNDATION

719 SOUTH KING STREET
SEATTLE,WA98104 		  PC GENERAL SUPPORT 100,000

WORLD AFFAIRS COUNCIL

241 PERKINS LANE
LOPEZ ISLAND,WA98261 		  PC GENERAL SUPPORT 75,000

WORLD MONUMENTS FUND

600 5TH AVENUE FLOOR 25
NEW YORK,NY10020 		  PC GENERAL SUPPORT 279,000
Total .................................right arrow 3a 20,420,140
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2024)
Form 990-PF (2024)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a
b
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		         
4 Dividends and interest from securities ....     14 12,849,933  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 -60,346  
6 Net rental income or (loss) from personal property          
7 Other investment income ..... 900099 14,771 14 289,052  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 25,509,538  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) .. 14,771 38,588,177 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
38,602,948
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2024)
Form 990-PF (2024)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
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Form 990-PF (2024)
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TY 2024 ExpenditureResponsibilityStmt
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
BLAKEMORE FOUNDATION
  		PO BOX 50347
BELLEVUE,WA98015 		2023-08-15 300,000 SEE ATTACHED   NO SEE ATTACHED    
BLAKEMORE FOUNDATION
  		PO BOX 50347
BELLEVUE,WA98015 		2022-08-16 300,000 SEE ATTACHED   NO SEE ATTACHED    
BLAKEMORE FOUNDATION
  		PO BOX 50347
BELLEVUE,WA98015 		2021-08-10 300,000 SEE ATTACHED   NO SEE ATTACHED    

TY 2024 InvestmentsCorpBondsSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Name of Bond End of Year Book Value End of Year Fair Market Value
AIA GROUP LIMITED SPON ADR EA REPR 4 ORD SHS 5,106,737 4,435,398
AIR LIQUIDE(L') ADR-EACH CNV INTO 1/5 EUR11 4,028,304 4,725,915
ATLAS COPCO AB ADR-CNV INTO 1 SER'A'NPV 2,296,261 1,831,741
COMPAGNIE DE ST-GOBAIN UNSP ADR EACH REPR 0.2 ORD 2,235,765 5,222,001
DENSO CORP ADR-EACH CNV INTO 1 ORD NPV 3,404,564 2,906,202
DEUTSCHE POST AG SPONS ADR EA REPR 1 ORD SHS 1,266,452 2,057,564
EPIROC AB UNSPON ADS EACH REP 1 ORD SHS 2,483,121 2,021,798
HITACHI ADR EACH REPR 2 ORD NPV 2,222,443 6,405,070
ICICI BANK LIMITED SPON ADR EACH REPR 2 ORD SHS 1,177,532 3,860,480
KONINKLIJKE PHILIPS NV ADR EACH REP 1 ORD EUR0.20 95,619 100,166
KT CORPORATION SPON ADR EACH REP 1/2 ORD SHS KRW5000 3,032,920 3,598,281
LLOYDS BANKING GROUP ADR REP 4 ORD GBP0.10(BNY) 2,772,137 2,864,329
LONZA GROUP AG UNSP ADR EACH REP 0.1 ORD 2,318,546 2,103,148
MITSUBISHI UFJ FINANCIAL GROUP INC SPON ADS EACH REP 1 ORD 2,761,520 3,503,108
NINTENDO CO LTD UNSP ADS EACH REP 0.25 ORD SHS 4,678,393 6,150,452
OVERSEA-CHINESE BANKING CORP UNSP ADR EACH REP 2 ORD 3,043,887 4,282,945
RELX PLC SPON ADS EACH REPR 1 ORD SHS GBP0.144 1,962,225 2,971,558
RENTOKIL INITIAL SPON ADS EACH REP 5 ORD SHS 4,412,776 3,836,562
ROCHE HOLDINGS AG SPN ADR EACH REP 0.125 GENUS 6,386,456 5,529,736
SCHNEIDER ELECTRIC SE UNSPON ADR EA REPR 0.20 ORD SHS 1,851,051 4,719,523
SHELL PLC SPON ADS EA REP 2 ORD SHS 6,960,390 7,603,893
SHIN-ETSU CHEMICAL CO UNSP ADR EACH REPR 0.5 SHS 3,127,080 2,395,400
SONY GROUP CORPORATION SPON ADS EACH REPR 1 ORD SHS 1,774,706 5,522,760
SVENSKA HANDELSBANKEN AB ADR EACH REPR 0.5 SHS 1,767,051 2,051,134
SWEDBANK AB ADR EACH REP 1 SER'A'SEK20(MGT) 3,610,125 4,905,209
TAIWAN SEMICONDUCTOR MANUFACTURING SPON ADS EACH REP 2,341,843 2,403,651
TENCENT HOLDINGS LIMITED UNSP ADR EACH REP 1 ORD 3,922,577 4,181,012
TOTALENERGIES SE SPON ADS EA REP 1 ORD SHS 3,861,397 3,574,546
VANGUARD SCOTTSDALE FUNDS VANGUARD MTG BACKED SECS 1,803,902 1,620,905
AERCAP IRELAND CAP/GLOBA 3.0000% 10/29/2028 824,191 763,436
AERCAP IRELAND CAP/GLOBA 6.9500% 03/10/2055 479,732 504,360
AT&T INC 4.3500% 03/01/2029 1,035,154 1,030,166
BANK OF AMERICA CORP 4.2440% 04/24/2038 864,377 716,454
BOEING CO 5.1500% 05/01/2030 230,355 234,969
CISCO SYSTEMS INC 5.0500% 02/26/2034 389,606 395,378
CITIGROUP INC 2.5610% 05/01/2032 713,328 702,653
COMMONSPIRIT HEALTH 5.3180% 12/01/2034 650,000 644,592
CVS HEALTH CORP 3.2500% 08/15/2029 544,609 465,943
FIFTH THIRD BANCORP 6.3610% 10/27/2028 359,064 376,265
GOLDMAN SACHS GROUP INC 2.6150% 04/22/2032 608,055 677,386
HOME DEPOT INC 5.8750% 12/16/2036 983,463 912,885
JPMORGAN CHASE & CO 4.9120% 07/25/2033 692,099 704,774
MORGAN STANLEY 2.9430% 01/21/2033 794,423 710,512
PFIZER INVESTMENT ENTER 4.7500% 05/19/2033 149,775 146,159
PNC FINANCIAL SERVICES 5.5820% 06/12/2029 350,578 356,934
PRUDENTIAL FINANCIAL INC 3.7000% 10/01/2050 588,973 607,872
PRUDENTIAL FINANCIAL INC 5.1250% 03/01/2052 782,003 802,693
REINSURANCE GRP OF AMER 7.2852% 12/15/2065 443,401 449,300
TRUIST FINANCIAL CORP 6.0470% 06/08/2027 346,062 351,845
US BANCORP 2.6770% 01/27/2033 348,141 370,128
VERIZON COMMUNICATIONS 2.6500% 11/20/2040 1,286,741 925,685
WELLS FARGO & COMPANY 0.8050% 19/05/2025 510,345 514,860
ALLY FINANCIAL INC 4.7000% PERP 433,160 523,073
ALLY FINANCIAL INC 4.7000% PERP 418,950 467,043
AMERICAN EXPRESS CO 3.5500% PERP 758,059 842,380
BANK OF AMERICA CORP 4.3750% PERP 805,877 891,581
BANK OF AMERICA CORP 5.8750% PERP 854,461 871,655
BANK OF NY MELLON CORP 3.7500% PERP 419,492 473,585
BANK OF NY MELLON CORP 4.6250% PERP 423,355 410,091
BNSF FUNDING TRUST I 6.6130% 12/15/2055 524,439 497,979
CAPITAL ONE FINANCIAL CO 3.9500% PERP 963,188 916,656
CHARLES SCHWAB CORP 4.0000% PERP 507,674 630,332
CHARLES SCHWAB CORP 4.0000% PERP 431,825 414,830
CITIGROUP INC 7.1250% PERP 859,000 882,442
CITIGROUP INC 7.6250% PERP 675,117 704,317
CITIZENS FINANCIAL GROUP 5.6500% PERP 835,815 832,715
DISCOVER FINANCIAL SVS 5.5000% PERP 783,611 907,008
FIFTH THIRD BANCORP 4.5000% PERP 847,414 833,297
GENERAL MOTORS FINL CO 5.7000% PERP 576,059 632,827
GOLDMAN SACHS GROUP INC 7.5000% PERP 864,188 885,179
HUNTINGTON BANCSHARES 5.6250% PERP 795,358 831,146
JPMORGAN CHASE & CO 3.6500% PERP 565,031 599,195
JPMORGAN CHASE & CO 6.8750% PERP 756,947 795,770
KEYCORP 5.0000% PERP 904,836 921,595
PNC FINANCIAL SERVICES 6.2000% PERP 838,830 844,466
PNC FINANCIAL SERVICES 6.2500% PERP 641,559 654,075
TRUIST FINANCIAL CORP 4.9500% PERP 457,208 438,482
TRUIST FINANCIAL CORP 5.1000% PERP 912,086 849,112
US BANCORP 3.7000% PERP 867,594 935,165
WELLS FARGO & COMPANY 3.9000% PERP 878,301 834,793
WELLS FARGO & COMPANY 7.6250% PERP 712,663 755,752

TY 2024 InvestmentsCorpStockSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Name of Stock End of Year Book Value End of Year Fair Market Value
ABIOMED INC 0 51
ACCENTURE PLC CLS'A'USD0.0000225 2,349,391 2,270,101
ADVANCED MICRO DEVICES INC COM STK USD0.01 2,291,013 4,094,419
AERCAP HOLDINGS N.V. EUR0.01 3,349,724 5,407,433
ALLSTATE CORP COM USD0.01 4,536,751 6,258,156
ALPHABET INC CAPITAL STOCK USD0.001 CL A 11,502,771 11,669,777
AMAZON COM INC COM USD0.01 5,278,352 11,232,329
AMERICAN EXPRESS CO COM USD0.20 3,116,329 6,365,552
APPLE INC COM USD0.00001 1,701,235 7,102,162
APPLIED MATERIALS INC COM USD0.01 790,656 3,168,846
AT&T INC COM USD1 3,755,979 5,754,161
AUTOZONE INC COM USD0.01 4,186,472 4,617,284
BECTON DICKINSON & CO COM USD1.00 3,848,066 4,265,383
BJS WHSL CLUB HLDGS INC COM USD0.01 2,295,687 2,345,616
BOEING CO COM USD5.00 4,298,618 4,212,777
CARRIER GLOBAL CORPORATION COM USD0.01 916,197 2,572,037
CENTENE CORPORATION COM USD0.001 4,938,120 4,396,533
CMS ENERGY CORP COM USD0.01 2,963,063 2,843,222
ELI LILLY AND COMPANY COM NPV 1,506,322 5,978,368
GE AEROSPACE COM USD0.01 1,393,845 5,197,010
GE VERNOVA INC COM USD0.01 2,050,802 6,896,346
INTERCONTINENTAL EXCHANGE INC COM USD0.01 3,289,283 4,824,199
IQVIA HOLDINGS INC COM USD0.01 3,256,307 3,313,748
KEYSIGHT TECHNOLOGIES INC COM USD0.01 WD 1,800,548 2,869,655
KINDER MORGAN INC COM USD0.01 3,472,561 5,679,527
META PLATFORMS INC COM USD0.000006 CL 'A' 2,210,936 11,690,293
MICROSOFT CORP COM USD0.00000625 2,017,366 15,626,691
PPG INDUSTRIES INC COM USD1.666 3,812,662 3,350,692
REINSURANCE GROUP OF AMERICA COM USD0.01 5,685,597 12,520,427
REPUBLIC SERVICES INC COM STK USD0.01 2,958,223 2,900,814
TE CONNECTIVITY LTD COM CHF0.57 2,124,805 3,704,353
TRANSUNION COM USD0.01 3,787,177 5,636,768
UBER TECHNOLOGIES INC COM USD0.00001 1,327,890 2,736,718
VISA INC COM STK USD0.0001 'A' 928,152 5,651,111
WILLIS TOWERS WATSON PLC COM USD0.000304635 2,822,048 4,552,943
AT&T INC DEP SHS EACH REP 1/1000TH PERP PFD SER C 521,087 475,566
BANK OF NOVA SCOTIA 8.0000% 01/27/2084 445,189 444,076
CMWLTH FIN AUTH-A 2.9910% 06/01/2042 61,923 59,281
FN CB0290 2.0000% 04/01/2051 309,622 294,478
FN MA4236 1.5000% 01/01/2051 286,169 271,255
FR SD5979 6.0000% 07/01/2054 307,509 301,619
GOLDMAN SACHS GROUP INC 6.1250% PERP 797,433 798,340
ROCKEFELLER US SMALL CAP CORE FUND 48,465,189 55,693,731
VICI PROPERTIES LP 4.9500% 02/15/2030 300,203 303,362
CLIFFWATER CORPORATE LENDING FUND I 10,000,000 9,770,009

TY 2024 InvestmentsGovtObligationsSch
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
US Government Securities - End of Year Book Value:

29,029,818
US Government Securities - End of Year Fair Market Value:

27,036,658
State & Local Government Securities - End of Year Book Value:


7,164,242
State & Local Government Securities - End of Year Fair Market Value:


6,242,615


TY 2024 LegalFeesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 21,709 0   21,709


TY 2024 OtherAssetsSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
2006 SPECIAL GLOBAL OPPORTUN. 153,535 70,322 25,370
ROCKEFELLER ACCESS FD 06-I 6,070,687 5,099,227 7,406,140
ROCKEFELLER ALT STRATEGIES QP 339,012 340,519 25,314
ROCKEFELLER ACCESS FUND 2015 8,028,958 6,988,444 10,234,810
PERENNIAL REAL ESTATE FUND III 850,404 812,127 599,499
PERENNIAL REAL ESTATE FUND IV 1,418,310 1,384,736 1,701,893
VANTAGEROCK CAPITAL FUND (LP) 15,000,000 15,000,000 19,047,113
ROCKEFELLER PRIVATE EQUITY PAR 766,058 1,743,531 2,139,223
SROA CAP FUND 0 1,143,708 1,131,027
ICAPITAL MILLENIUM DRAWDOWN FUND 0 1,010,000 1,010,000
TIMING DIFFERENCE 0 3,867  


TY 2024 OtherExpensesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
SUPPLIES / OFFICE EXPENSE 7,341 0   7,341
INSURANCE 6,892 0   6,892
BANK FEES 848 848   0
MISCELLANEOUS 6,782 0   6,782
PASSTHROUGH EXPENSES 959,974 959,974   0
PARKING FEES 10,098 0   10,098
IT EXPENSES 75,265 0   75,265
PHONE, FAX, INTERNET, & POSTAGE 5,422 0   5,422
POSTAGE 1,062 0   1,062
FRAUD EXPENSE REIMBURSEMENT -33 0   -33
CANCELATION FEE 500 0   500
UTILITIES 393 0   393
PASSTHROUGH RENTAL EXPENSES 60,346 60,346   0


TY 2024 OtherIncomeSchedule2
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
LITIGATION CHECKS 49,324 49,324 49,324
PASSTHROUGH INCOME 254,499 254,499 254,499
UBTI -14,771 -14,771 -14,771
UBTI 14,771 0 14,771


TY 2024 OtherIncreasesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Description Amount
PRIOR PERIOD ADJUSTMENT 372,292


TY 2024 OtherLiabilitiesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Description Beginning of Year - Book Value End of Year - Book Value
CREDIT CARD LIABILITY 0 7,117


TY 2024 OtherProfessionalFeesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
RTC AGENCY FEES 1,333,308 974,125   359,183
INVESTMENT EXPENSES 186,764 186,764   0


TY 2024 TaxesSchedule
Name:
THE FREEMAN FOUNDATION
EIN:
13-2965090
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 755,426 755,426   0
FEDERAL TAXES 305,037 0   0
CHAR500 1,500 0   1,500
PAYROLL TAXES 67,160 0   67,160